IMARC Group's report titled "Hemp-Based Food Market Report by Product (Hemp Protein Powder, Hemp Seed Oil, Hemp Seeds, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others), and Region 2024-2032". The global hemp-based food market size reached US$ 1.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.9 Billion by 2032, exhibiting a growth rate (CAGR) of 13.4% during 2024-2032.
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Factors Affecting the Growth of the Hemp-Based Food Industry:
- Water Scarcity Concerns:
Hemp seeds, a primary ingredient in hemp-based foods, are highly nutritious. They are an excellent source of essential fatty acids, including omega-3 and omega-6, and are rich in protein, fiber, vitamins, and minerals. This nutritional profile makes hemp-based foods appealing to health-conscious consumers. Additionally, hemp seeds are considered a complete protein source, meaning they provide all nine essential amino acids. This aspect is particularly attractive to vegetarians and vegans seeking plant-based protein alternatives. The growing awareness of the nutritional benefits of hemp is driving consumer demand, prompting food manufacturers to incorporate hemp into various products, including snacks, milk, oil, and protein powders.
- Legalization and Changing Regulations:
The legalization of hemp in various regions is positively influencing the market. The differentiation of hemp from other cannabis plants is making it legal to grow and use hemp for commercial purposes, including food production. The change in legal status is leading to increased cultivation and production of hemp, making it more readily available for food manufacturers. Additionally, the easing of regulations around hemp cultivation and use is encouraging new entrants into the market, leading to increased competition and innovation. This regulatory shift is also enhancing consumer awareness and acceptance of hemp-based foods.
- Sustainability and Environmental Concerns:
Hemp is known for its environmental benefits, which are increasingly important to both consumers and companies focused on sustainability. Hemp cultivation requires relatively low water and does not need high levels of pesticides or herbicides, making it an environment-friendly crop. Moreover, hemp plants are effective in absorbing carbon dioxide from the atmosphere, contributing to carbon footprint reduction. These environmental advantages align with the growing demand for sustainable and eco-friendly products. As more consumers seek out foods that are not only healthy but also have a minimal environmental impact, hemp-based foods are becoming a popular choice. This trend is further supported by companies and governments increasingly prioritizing sustainability in their operations and policies.
Leading Companies Operating in the Global Hemp-Based Food Industry:
- Hempfoods Ltd.
- Tilray, Inc.
- GFR Ingredients
- Hemp Foods Australia Pty Ltd
- Aurora Cannabis Inc.
- Naturally Splendid Enterprises Ltd.
- Isodiol International Inc
- Navitas LLC
- Nutiva
- T12 Holdings Pty Ltd.
Hemp-Based Food Market Report Segmentation:
By Product:
- Hemp Protein Powder
- Hemp Seed Oil
- Hemp Seeds
- Others
Hemp seeds represent the largest segment due to their versatility and easy availability.
By Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
Supermarkets and hypermarkets account for the majority of the market share as they offer a wide variety of hemp-based food items.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the hemp-based food market is attributed to easy availability of various hemp-based food products in various retail shops and on e-commerce platforms.
Global Hemp-Based Food Market Trends:
The food and beverage (F&B) industry is continually seeking innovative ingredients to diversify its product offerings. The versatility of hemp makes it an attractive option for food manufacturers. Hemp can be processed into various forms, such as seeds, oil, and protein powder, each with unique applications in food products. This versatility is also leading to the development of a wide range of hemp-based foods, including bread, cereals, energy bars, beverages, and even dairy alternatives. The global shift towards plant-based diets is supporting the market growth. With increasing concerns about animal welfare, health issues linked to meat consumption, and the environmental impact of animal farming, more consumers are turning to plant-based alternatives. Hemp-based foods fit well into this narrative due to their high nutritional value and plant-based origin.
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